The November general elections in the United States were filled with uncertainty and differences in opinion, but one thing that voters and economists agreed upon is that the recovery prospects for the American economy were virtually guaranteed regardless of which candidate obtained the most Electoral College votes. This is good news for everyone, but more so for commercial property investors.
The Business Offices of the Future
While some landlords will offer lower leasing rates for a few months in order to entice prospects, a smarter method to attract tenants is to give them more bang for their buck, and the best way is to give them enjoyable amenities. According to architects and office design experts, the following trends have been emerging in terms of workplace amenities, and in many cases, they are not costly to build:
- Rooftop Garden and Lounge: This is a perfect amenity for office buildings in dry regions such as the High Desert. Employees can contribute to the garden with potted plants, and they can also plant edible herbs on raised garden beds.
- Retail Spaces: In a recovering economy, it is easier for commercial property investors to convince zoning departments to grant them retail permits for their buildings. Convenience stores, credit unions, dry cleaners, cafes, and drop-off spaces for e-commerce can translate into additional revenue for landlords, and employees will certainly appreciate them.
- Lounge Spaces and Cafeterias: The success of shared workspace companies such as WeWork can be attributed to the fancy lounge amenities offered to tenants. While it is true that WeWork had to cut back on pouring craft beer and serving gourmet coffee for free, the lounge basics of sofas, ping pong tables, and vintage arcade machines remain. If you are able to get a permit for a cafeteria that connects with the lounge, higher lease rates will be easier to justify.
- Conference Rooms: Instead of trying to take up all available square footage with office space to rent, it is better to consider building shared conference halls with tables, chairs, monitors, whiteboards, and secure Wi-Fi.